Westside Family Law

A full-service family law firm serving West Vancouver and the surrounding areas

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Should you actually keep the house?

When getting divorced, you may get some classic advice from friends and family: Sell your home, split up any money you made and start over. It's true that this has its merits -- it's simple and can make the process faster -- but some experts say that you're actually best off to keep the home. Here are a few reasons why:

-- You could lose money by selling the house. For a lot of people, no investment is bigger. If you sell in a down market or take less than fair value to sell quickly, you could be selling yourself short.

-- You may not be able to get another home that nice all on your own. Granted, you may not be able to refinance on your own either, but there are creative solutions that could make this possible.

-- If you have kids, keeping the house could help tremendously if it's a kid-friendly home -- with a nice yard, enough bedrooms for all of the kids and more. Don't make the coming years harder by moving into a less ideal situation.

-- Real estate is often considered a stable investment option. Though it does move up and down, it's been safe overall, with a general upward trend. If owning property is your strategy to increase your overall wealth, you may be wise to stick with it.

Many people simply sell the house because they see no other option or because they make an emotional decision, like selling a home where bad memories reside. Be sure you really look into all of your options and make the best choice for yourself and your children.

Source: Wealthy Single Mommy, "Women: Don’t be stupid. Keep the house in the divorce," Emma Johnson, accessed May 26, 2016

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